Commercial and Corporate Law
What it is: Business formation is the legal creation and registration of a business vehicle in Nigeria with the Corporate Affairs Commission under the Companies and Allied Matters Act 2020. Options include a private or public company limited by shares, a company limited by guarantee, a business name for sole traders, and a limited liability partnership. Registration confers legal recognition, limited liability where applicable, and the ability to open corporate bank accounts and contract in the entity's name. When it applies: This service applies when starting a new venture, formalising an existing business, bringing in investors or partners, or restructuring an enterprise. It is also relevant where regulatory approvals, tax registration or a specific corporate structure are needed. How a lawyer helps: A commercial lawyer advises on the most suitable structure, prepares the memorandum and articles or partnership agreement, conducts name availability searches, files the incorporation documents, and handles post-incorporation matters such as tax registration and statutory filings. Counsel also drafts shareholder and founder agreements to prevent disputes. First steps: Decide on proposed names, the ownership and management structure, and the objects of the business, then consult a lawyer to select the right vehicle and complete registration at the CAC.
